Page 7 - Commodities

Crude oil steadies as demand jitters counter conflict in West Asia

The March contract for U.S. West Texas Intermediate (WTI) crude, which expires on Tuesday, was up 7 cents at $79.26 in tepid trade while the WTI April contract slipped 13 cents to $78.33

Silver futures decline to Rs 71,543 per kg as traders reduce bets

Silver prices on Monday fell Rs 569 to Rs 71,543 per kilogram as participants reduced their bets. On the Multi Commodity Exchange, silver contracts for March delivery declined Rs 569 or 0.79 per cent to Rs 71,543 per kg in a business turnover of 21,616 lots. Globally, silver was trading 1.28 per cent lower at USD 23.18 per ounce in New York.

Farmers will discuss Centre's 5-year MSP proposal, says Sarwan Pandher

The Centre's proposal of buying pulses, maize and cotton by government agencies at MSP will be discussed by farmers, farmer leader Sarwan Singh Pandher said on Monday but asserted that they will not back out of their demand for a legal guarantee for minimum support price for crops. His remarks came after a meeting between farmer leaders and a panel of three Union ministers on Sunday and amid thousands of protesting farmers camping at the Punjab-Haryana border as part of their 'Delhi Chalo' march. Talking to reporters at the Shambhu border point, Pandher said farmers will hold a discussion on the proposal given by the Centre. Farmers have not backed out of their demand for a law guaranteeing minimum support price (MSP) and never will, he said while replying to a question. Pandher said farmer leaders are going to the Khanauri border point where a farmer died. On Sunday, a 72-year-old farmer, who was part of the protest there, died of cardiac arrest. Earlier, a 63-year-old farmer had

Govt making efforts to attain self-sufficiency in pulses output: Munda

A substantial progress has already been made in the domestic pulses production which has increased from 17 million tonnes in 2014 and now a target of 29.5 mn tonnes has been set for this year, he said

Falling US Fed rate cut bets keep gold below $2,000 level, palladium up 7%

Spot gold was down 0.2% to $1,988.08 per ounce as of 9:53 a.m. EST (1453 GMT) - its lowest price since Dec. 13. Bullion fell about 1.4% on Tuesday

Hindustan Copper Q3 results: Profit falls 21% to Rs 63 cr on lower revenue

State-owned Hindustan Copper on Tuesday reported 21.44 per cent decline in consolidated net profit at Rs 63 crore for the quarter ended December 31, 2023 due to lower revenue from operations. The company had posted a net profit of Rs 80.20 crore for the year-ago period, Hindustan Copper said in a filing to BSE. Revenue from operations in the quarter dropped to Rs 399.29 crore from Rs 557.04 crore in the year-ago period. Hindustan Copper is under the administrative control of Ministry of Mines.

Crude oil prices drift up with focus on tensions in West Asian region

Brent futures rose 30 cents to $82.30 a barrel as of 0924 GMT. U.S. West Texas Intermediate (WTI) crude gained 31 cents to $77.23 a barrel

Oil rises 0.72% to $79 a barrel on Gaza ceasefire rejection, US stock data

Brent crude futures rose 57 cents, or 0.72%, to $79.78 a barrel by 1043 GMT. U.S. West Texas Intermediate crude futures were up 47 cents, or 0.64%, at $74.33

Vedanta chairman Anil Agarwal outlines $4 bn plan to double oil production

Mining conglomerate Vedanta Ltd will invest USD 4 billion over the next three years to double oil production, its chairman Anil Agarwal said on Tuesday as he pushed ahead with an aggressive oil and gas expansion programme. Vedanta, which more than a decade back acquired Scottish explorer Cairn Energy's (now Capricorn Energy) India assets, is targeting 300,000 barrels per day (15 million tonnes a year) oil output in 3 years from aggressive exploration campaign, he said on the sidelines of the India Energy Week (IEW) here. The company is pushing ahead with the investment undeterred by concerns around debt levels at parent Vedanta Resources. "India is the best place to be in right now. It has the resources as well as the market," he said. "But unfortunately we (as a country) produce just 15 per cent of our need and the rest is imported." Agarwal said his company currently produces around 140,000 barrels per day of oil and oil equivalent gas and has a promising acreage in northeast and

Crude oil up on tensions in West Asia, China economy worries limit gains

March Brent crude futures, which are due to expire on Wednesday, rose 8 cents, or 0.1%, to $82.48 a barrel by 1059 GMT

Sky Gold Q3 results: Net profit soars 41% to Rs 6 cr, income at Rs 460 cr

Jewellery firm Sky Gold Ltd has posted a 41 per cent increase in its consolidated net profit to Rs 8.93 crore for the quarter ended December 2023. Its net profit stood at Rs 6.34 crore in the year-ago period. Total income also rose to Rs 460.90 crore in the third quarter of the current fiscal from Rs 267.56 crore in the corresponding period of the previous year, the company said in a statement on Monday. Established in 2008, the Mumbai-based company is engaged in the business of designing, manufacturing and marketing of gold jewellery. It works on a B2B model with leading jewellery retailers and large wholesalers.

Crude oil edges lower on China worries as tensions fester in West Asia

Brent crude futures dipped 23 cents to $83.32 a barrel by 0937 GMT while U.S. West Texas Intermediate crude futures edged down by 27 cents to $77.74

Cold snap helps India's wheat crop but warm weather forecasts pose risk

A long cold spell helped wheat during its vegetative growth, but a rise in temperatures, expected in the next few days, could impact the crop during the crucial grain formation stage

Rice export rates hit record highs on dwindling supplies, firm demand

Traders noted that domestic supplies are accumulating, and that harvest has begun partially in the Mekong Delta, which is expected to peak in March

Crude oil rises towards $80 as China announces economic stimulus package

The front-month March contract for Brent crude was up 40 cents to $79.95 a barrel at 1410 GMT. U.S. West Texas Intermediate crude was up 57 cents to $74.94 a barrel

Gold prices firms on softer dollar as market await US economic data

Spot gold edged up 0.2% to $2,032.88 per ounce by 12:50 GMT. U.S. gold futures rose 0.42% to $2,034.30

Uttarakhand govt raises sugarcane advised price to Rs 375, beats UP's rate

The Uttarakhand government on Wednesday declared the State Advised Price (SAP) of early and common variety of sugarcane for the current crushing season 2023-24 at Rs 375 and Rs 365 per quintal respectively. The decision was taken at a meeting of the state cabinet chaired by Chief Minister Pushkar Singh Dhami. Compared to the previous crushing season 2022-23, the price of sugarcane has been increased by Rs 20 per quintal, Chief Secretary SS Sandhu told reporters at a media briefing after the cabinet meeting. The price of early variety sugarcane has been fixed at Rs 375 per quintal and Rs 365 per quintal for the normal variety, he added. The Uttar Pradesh government had also recently increased the price of sugarcane by Rs 20 per quintal compared to last year setting the state advised price of the early variety at Rs 370 per quintal. Therefore, the Uttarakhand government felt under pressure to declare higher sugarcane prices than neighbouring state. Apart from this, the state govern

Crude oil edges higher as geopolitics outweighs global demand concerns

The front-month U.S. West Texas Intermediate crude futures contract for February delivery was up 31 cents at $73.72 a barrel in tepid trade

Zero-duty unrefined gold imports take the shine off local players

Some refineries stayed away from giving an undertaking to govt. for not importing unrefined gold from LDCs

Sugar output declines by 7% to 14.87 MT during Oct 1-Jan 15: Industry body

Maharashtra's sugar production fell to 5.1 million tons from 6.09 million tons, while Karnataka's production dropped 12.7% to 3.1 mn tons, the National Federation of Cooperative Sugar Factories said